New criteria for Qualifying Investor Funds released by the Guernsey Financial Services Commission on Monday have been met with support from the island’s finance industry.
Chief executive of GuernseyFinance, Peter Niven, suggested that the move "will serve to bring more business to the island", whilst Chairman of the Guernsey Investment Fund Association, Mike de Haaff, announced on Wednesday that:
"GIFA welcomes the change in criteria as it brings Guernsey in line with other offshore jurisdictions. The change in definition of a professional investor will encourage more take up of QIFs and can only be seen a positive move for the island’s fund industry."
Under the new rules, the definition of Professional Investor has been widened to include an individual investor who invests a minimum of US$100,000 in such a fund.
The revised guidance note issued by the FSC also re-emphasised the due diligence obligations which Guernsey Licensees undertake when submitting applications for Guernsey Qualifying Investor Funds.
The Guernsey Qualifying Investor Fund regime was introduced in February of last year, and provides an expedited approval process for funds targeted at professional expert and knowledgeable investors.
Under the regime, the GFSC undertakes to provide necessary fund consents within 3 working days of submission, provided that the application is complete in all respects.
In the first year of the regime's operation, a total of 36 Qualifying Investor Funds were approved.
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